KARACHI:

The foreign exchange reserves held by the central bank decreased 1.40% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On May 13, the foreign currency reserves held by the SBP were recorded at $10,163.6 million, down $145 million compared with $10,308.7 million on May 6.

The central bank gave no reason for the decline in the reserves.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,161 million. Net reserves held by banks amounted to $5,997.4 million.

In the week ended August 27, 2021 the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the IMF on August 24.

On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.

Published in The Express Tribune, May 20th, 2022.

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